On The Market

On The Market

Greater Reading real estate attractive, diverse

By Zylkia R. Rivera, Realtor© and Investor, Member of the Zylkia Rivera Team

The satisfaction of promoting home ownership and assisting homeowners in our county is priceless. I have the privilege of working with many families that, for one reason or another, don’t think that they are able to make their homeownership dreams come true. I’ve been a real estate investor for 28 years and a real estate agent for six years now and have learned that the real estate market fluctuates every year or every few years.

It can be:

  • A seller’s market – more buyers than sellers;
  • Neutral – similar number of buyers and sellers or;
  • A buyer’s market – more sellers than buyers.

When I first started as an agent the market favored the buyers. Requesting home inspections, getting some seller assistance to help the buyer with closing costs and paying asking or even below asking price was the norm. For the past three to four years, the market has been favoring sellers. I found myself working with sellers and investors who have been making great profits on the sale of their properties. On the other hand, the buyers struggle to purchase homes because of the low inventory and high demand for properties.
Many desirable homes are receiving multiple offers and many times, offers that are above asking price. The number of single-family homes on the market in Greater Reading has been decreasing over the last three years. This is why, when a buyer ends up being
the winning offer, we have a great celebration!

Many buyers and sellers ask if this is a good time to sell or buy. The answer that I give them is, it is always a good time. This is because the future is uncertain and there is always a property destined to be for someone ready to make it their home or to own it as an investment property. Sellers need to evaluate their main reason for selling a home at a particular time and evaluate the current market. Buyers need to consider that paying rent is paying someone else’s mortgage, and when they are done renting, they leave empty handed. Investing and buying real estate is a fantastic opportunity.

Over the last few years, properties in Greater Reading have continued to increase in value every year. Even though interest rates are not as low as they were a few years back, they are normal based on a historical average for the last 49 years. Compared to other counties that surround us, Greater Reading still has attractive home prices and diverse neighborhoods depending on preference, whether you like the country, the suburbs or the city.

Opportunities come and go. Therefore, when there’s one in front of you, it’s important that you seize it when your time comes. Staying positive in this market is a must because it can be challenging depending on the side you’re on. As a real estate agent, you must encourage clients, be there for them, provide support and let them know that their opportunity will come.